Special Topics

The Labor Market Conditions Index from the Federal Reserve Board includes 19
indicators of labor market activity, covering the broad categories of
unemployment and underemployment. These include jobs, workweeks, wages,
vacancies, hiring, layoffs, quits and other surveys of consumers and businesses.
Because the trends in the index are slow-moving, Haver presents only the changes
in the index. All are measured monthly and have been seasonally adjusted.

During May, the index deteriorated at the quickest rate since 2009, pulled
down the weakness in payroll employment reported Friday. Other components in the
jobs report lessened the index gain including a weaker monthly rise in average
hourly earnings and a lower labor force participation rate.